Selecta’s Majority Lenders Ask Judge to Toss Antitrust Suit
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(Bloomberg) — A group of bondholders to Selecta Group BV asked a federal judge to dismiss a lawsuit accusing them of violating US antitrust laws by entering into a creditor pact to negotiate a deal with the Swiss vending machine company that favored them over others.
Stocks Fall and Brent Tops $100 as War Heats Up: Markets Wrap
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(Bloomberg) — Volatility gripped Wall Street, with stocks falling and oil jumping to an over three-year high as the war in Iran raged on. A rally in bonds waned as higher energy prices stoked inflation angst.
Swiss Government Pushes EU Deal as a ‘Strategic Necessity’
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(Bloomberg) — Switzerland’s government said stable relations with the European Union are a “strategic necessity” as it pushes to sell the public on the importance of closer ties with the bloc before a national vote on an accord.
Stocks Fall on War, Credit Woes as Brent Tops $100: Markets Wrap
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(Bloomberg) — A renewed oil spike stoked fears the war in Iran will further crimp energy supplies and fuel inflation, spurring a slide in stocks, which were also hit by signs of distress in the $1.8 trillion private-credit market.
Top Bankers Win Reprieve as Swiss Lawmakers Reject Bonus Ban
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(Bloomberg) — Swiss lawmakers rejected plans to ban bonuses for top bankers such as UBS Group AG Chief Executive Officer Sergio Ermotti, voting overwhelmingly against a landmark crackdown on the nation’s financial industry.
JPMorgan, UBS Dropped Hedge Fund Embroiled in HK Probe
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(Bloomberg) — JPMorgan Chase & Co. and UBS Group AG cut prime brokerage ties with the investment firm that was raided by authorities during a probe into alleged insider dealing in Hong Kong well before the investigation was made public, according to people familiar with the matter.
Worldline Begins Final Capital Raise Underpinning Recovery Plan
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(Bloomberg) — Worldline SA announced the launch of a €392 million ($453 million) capital increase, as it seeks to draw a line under last year’s turmoil.
Stocks Churn on War Jitters as Oil Keeps Rallying: Markets Wrap
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(Bloomberg) — Wall Street traders parsing geopolitical headlines kept a lid on stocks and bonds, with oil jumping as a move from rich nations to deploy reserves was considered just a reprieve amid the war in Iran.
EQT-Led Group Exits Galderma With Over Four Times Return
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(Bloomberg) — A trio of shareholders in Galderma Group AG have reaped a more than four times return from their investments in the Swiss skincare company, according to people familiar with the matter.
Galderma Backers Exit $6.3 Billion Stake in Record Swiss Sale
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(Bloomberg) — A trio of Galderma Group AG shareholders exited their remaining 14.3% stake in the Swiss skincare company, in the largest ever overnight share sale in Switzerland.
UBS Faces New Pressure in New York Court Over Past Nazi Accounts
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(Bloomberg) — Tucked under the arcade at 49 Marktgasse in Bern’s historic city center is an opaque glass entranceway with a small sign identifying it as a branch of UBS Group AG, one of hundreds across Switzerland.
US Stocks Erase Gains as Confusion Over Oil Tanker Takes Hold
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(Bloomberg) — US stocks inched lower, wiping out earlier gains, as conflicting reports about shipping in the Strait of Hormuz weighed on investor sentiment.
Stocks Whipsawed by Oil Volatility as War Drags On: Markets Wrap
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(Bloomberg) — Volatility whipsawed stocks as traders parsed conflicting signals about the outlook for oil supplies as the war in Iran rattles energy markets. In late hours, Oracle Corp. jumped on a strong sales forecast.
Swiss Arms Exports Jump as European Defense Spending Booms
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(Bloomberg) — Swiss arms shipments abroad neared an all-time high last year as European defense spending boomed, in a rebound for an industry that feared extinction over the country’s strict export rules.
Stocks Climb as Trump Hints War Could Be Over Soon: Markets Wrap
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(Bloomberg) — Wall Street staged a dramatic comeback, with stocks and bonds rebounding on hopes the 10-day-old Iran war may be nearing a conclusion. Oil tumbled in post-settlement trading after earlier topping $100.
SNB Must Be in Market ‘Right Now’ to Weaken Franc, Junius Says
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(Bloomberg) — The Swiss National Bank is very likely to be intervening in currency markets to curb the franc’s strength, according to Karsten Junius, chief economist at Bank J Safra Sarasin.
Zurich to Buy Generali’s Irish Unit for €337 Million in Cash
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(Bloomberg) — Zurich Insurance Group AG agreed to buy Assicurazioni Generali SpA’s RedClick unit for €337 million ($389 million) in cash to expand its non-life business in Ireland.
UBS Bonus Pool Rises 10%, Ermotti Pay Unchanged at $19 Million
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(Bloomberg) — UBS Group AG increased its bonus pool for last year by 10% as the Credit Suisse integration nears its end, while keeping Chief Executive Officer Sergio Ermotti’s compensation at the same level.
US Inflation Gauges Likely Diverged Before War in Iran
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(Bloomberg) — A pair of inflation reports, including the Federal Reserve’s preferred price gauge, surface in the coming week after a dismal February jobs report that challenged perceptions the labor market is stabilizing.
